[AdultB2B]

Why You Don't Own Your Market Part 4

Today we conclude our discussion of reasons why you may not own your market. Number one was somebody else has a better deal, in which case you need to innovate. Number two was people perceive someone else to have a better deal, in which case you need to own the market by effectively marketing to them.

Reason #3: Your Prospects Don't Know That You're An Option: If your target market is very narrow and easy to identify, then this is an unforgivable mistake. For instance, if your market consists of all of the meeting planners for the top 500 businesses in Baltimore, these 500 people should all know who you are. If your market consists of many possible customers like ours does, then you need to constantly add prospects to your files.

Prescription #3: OWN THE MARKET...But Don't Break Your Budget! One common approach is to buy a ton of media impressions to get what they call "name recognition or branding." If you're not a Fortune 1000 company, forget this strategy. Not that you shouldn't use publications, direct mail or other media, you just have to be a lot more careful and strategic.

If you can follow these three quick prescriptions, you can own your marketplace. Obviously, this isn't an overnight task and it won't be easy. But if you do, you will beat your competition into a demoralized, quivering pulp.

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